Nigeria: Excess Crude Income Hits U.S.$65.4 Million Daily

Nigeria’s excess crude account is set to swell as the price of Bonny Light leaps towards $75 per barrel in the international market. The price of Bonny Light stood at $74 per barrel in the market yesterday, showing only $1.0 below the expected target. The price of Brent and WTI also stood at $74.06 and $68.40 per barrel respectively in the international market while the price of OPEC basket of 14 crudes stood at $70.96 per barrel. OPEC stated that: “The price of OPEC basket of 14 crudes stood at $70.96 a barrel on Thursday, compared with $69.39 the previous day, according to OPEC Secretariat calculations. “The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light […]